NewKerala.com

Oil Prices Drop 2% as West Asia Ceasefire Hopes Ease Supply Fears

International crude oil prices fell around 2% on Friday, reversing sharp gains from the previous session. The decline was driven by hopes for de-escalation in West Asia following a US-announced 10-day ceasefire between Israel and Lebanon. On domestic markets, MCX crude oil futures also dropped significantly. Meanwhile, global equity markets presented a mixed picture, with Asian indices down and US markets closing slightly higher.

Key Points: Crude Oil Prices Fall 2% on Easing West Asia Tensions

  • Brent crude falls over 1% to $97.99
  • WTI drops nearly 2% to $92.91
  • MCX crude declines 2.6% to Rs 8,625
  • Drop follows US announcement of 10-day ceasefire
  • Global equity markets show mixed trends
2 min read

Global crude oil prices slip up to 2 pc as West Asia tensions ease

Global oil benchmarks Brent and WTI drop as US announces ceasefire. MCX crude also falls. Get the latest on market trends and geopolitical impacts.

"I hope Hezbollah acts nicely and well during this important period of time... We must finally have PEACE! - US President"

Mumbai, April 17

International crude oil benchmarks declined about 2 per cent on Friday on hopes of an end to the West Asia conflict that began on February 28.

Brent crude futures traded at $97.99 per barrel, hitting an intra-day low in early trade and declining over 1 per cent.

At the same time, US West Texas Intermediate (WTI) crude fell nearly 2 per cent to an intra-day low of $92.91.

However, in the previous session, the global benchmark settled around 5 per cent higher at $99.39. Similarly, US WTI finished over 2 per cent higher at $93.32.

Meanwhile, on the domestic Multi Commodity Exchange (MCX), crude oil declined as much as 2.6 per cent to Rs 8,625.

Traders were buoyed by the US President's announcement of a 10-day ceasefire between Israel and Lebanon. The President also said Tehran had offered to refrain from possessing nuclear weapons for more than 20 years.

"I hope Hezbollah acts nicely and well during this important period of time. It will be a GREAT moment for them if they do. No more killing. We must finally have PEACE! Thank you for your attention to this matter," he said on the social media platform Truth Social.

Speaking to the media, Trump said, "We will see how things unfold, but I believe we are very close to a deal with Iran."

On the equities front, trends were mixed across global markets. Domestic benchmark indices Sensex and Nifty opened on a flat note on Friday.

Asian markets traded in negative territory, with major indices down up to 1 per cent.

In the US, Wall Street ended on a mildly positive note, with the Nasdaq closing up 0.36 per cent and the S&P 500 rising 0.26 per cent.

- IANS

Share this article:

Reader Comments

R
Rohit P
Good news for the economy. High oil prices are a major headwind for India's growth and our current account deficit. Hope the government uses any fiscal space created to focus on infrastructure and jobs.
A
Aman W
Let's see if this drop is passed on to consumers. Often, oil companies are quick to hike prices but very slow to reduce them. The MCX price dip is promising, though.
S
Sarah B
While the price drop is welcome, the article mentions the markets are still volatile. A 10-day ceasefire is a start, but lasting peace is what's needed for stable prices. The geopolitical situation remains fragile.
V
Vikram M
This highlights why India needs to aggressively push for energy independence through renewables and domestic exploration. We cannot let our economy be held hostage by conflicts in other regions.
K
Karthik V
Sensex and Nifty opening flat shows the market is cautiously optimistic. Traders will be watching the next moves closely. A sustained drop in crude could be the trigger for the next rally. 📈

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50